Maryland § 5-2305 - IN EFFECT

§ 5-2305. IN EFFECT

    IN EFFECT

    // EFFECTIVE UNTIL JUNE 30, 2027 PER CHAPTERS 430 AND 431 OF 2023 //

    (a)    There is a Build Our Future Grant Fund.

    (b)    The Department shall administer the Fund.

    (c)    The purpose of the Fund is to provide grants for infrastructure projects to support innovation in eligible technology sectors under this subtitle.

    (d)    (1)    The Fund is a special, nonlapsing fund that is not subject to reversion under § 7–302 of the State Finance and Procurement Article.

        (2)    The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.

    (e)    The Fund consists of:

        (1)    money appropriated in the State budget to the Fund;

        (2)    any interest earnings of the Fund; and

        (3)    any other money from any other source accepted for the benefit of the Fund.

    (f)    (1)    The Fund may be used to:

            (i)    provide grants in accordance with this subtitle; and

            (ii)    pay the administrative costs of the Program.

        (2)    During each fiscal year, the Department may use not more than 10% of the money appropriated to the Fund to administer the Program.

    (g)    (1)    The State Treasurer shall invest the money of the Fund in the same manner as other State money may be invested.

        (2)    Any interest earnings of the Fund shall be credited to the Fund.

    (h)    Expenditures from the Fund may be made only in accordance with the State budget.